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Dec-22 at new lows this morning, but terminal rate a little above the low

SONIA
  • SONIA futures have seen big downside moves versus yesterday's official close, but moves are a bit more muted versus the end of day moves seen yesterday.
  • The Dec-22 has moved to a new low this morning of 94.63.
  • The Sep-23 contract is off the lows yesterday of 93.645, currently trading in line with the actual close yesterday at 93.73, but down 18.5 ticks versus the "official" close yesterday.
  • This still sees the terminal Bank Rate above 6.25% (although no longer fully pricing a move to 6.50%).
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  • SONIA futures have seen big downside moves versus yesterday's official close, but moves are a bit more muted versus the end of day moves seen yesterday.
  • The Dec-22 has moved to a new low this morning of 94.63.
  • The Sep-23 contract is off the lows yesterday of 93.645, currently trading in line with the actual close yesterday at 93.73, but down 18.5 ticks versus the "official" close yesterday.
  • This still sees the terminal Bank Rate above 6.25% (although no longer fully pricing a move to 6.50%).